April 16, 2024 23:07 GMT
MNI BRIEF: NZ Q1 Inflation Rises 4%, Higher Than RBNZ Forecast
(MNI) Melbourne
New Zealand inflation rose 4% over Q1, flat against market expectations, but higher than the RBNZ's most recent projections.
Headline New Zealand inflation rose in line with expectation over Q1, printing at 4.0% y/y, or 0.6% q/q, down from Q4 2023’s 4.7%, according to data published today by Stats NZ.
Non-tradable inflation grew 1.6% q/q, 30 basis points higher then expectations and up 50bp from Q4.
The Reserve Bank of New Zealand’s February Monetary Policy Statement foretasted Q1 CPI at 0.4% q/q, or 3.8% y/y. The central bank has held the Official Cash Rate at 5.5% since May 2023. (See MNI RBNZ WATCH: MPC Holds The Line)
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